Bloomberg News

Nigeria Cuts August Qua Iboe Crude Oil Price to 26-Month Low

July 19, 2012

Nigeria reduced its August official selling prices for Bonny Light and Qua Iboe crude grades to the lowest in 26 months, according to the Nigerian National Petroleum Corp.

The prices for the two benchmark blends were set at $1.15 a barrel more than Dated Brent, the lowest since June 2010 and 50 cents less than this month, the state oil company said today in an e-mailed statement.

The following table shows the selling prices of crudes from Nigeria and Equatorial Guinea as a differential against Dated Brent. Prices are in dollars.

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Grade           August   July     Change
Nigeria
Abo Light       -0.20    +0.20    -0.40
Agbami          -1.65    -0.85    -0.80
Akpo            -1.60    -0.90    -0.70
Amenam Blend    +0.35    +0.65    -0.30
Antan Blend     +0.20    +0.25    -0.05
Bonga           +1.75    +2.20    -0.45
Bonny Light     +1.15    +1.65    -0.50
Brass Blend     +1.15    +1.65    -0.50
EA Blend        +2.30    +2.80    -0.50
Ebok            -5.90    -5.70    -0.20
Erha            +1.80    +2.20    -0.40
Escravos Light  +1.30    +1.75    -0.45
Forcados Light  +2.60    +3.00    -0.40
Ima             -1.65    -0.95    -0.70
Obe             -0.20    +0.20    -0.40
Okono Blend     +0.90    +1.45    -0.55
Okoro           +0.20    +0.45    -0.25
Okwori          +0.80    +1.45    -0.65
Okwuibome       -4.50    -4.10    -0.40
Oyo             +0.20    +0.45    -0.25
Pennington      +2.80    +3.25    -0.45
Qua Iboe Light  +1.15    +1.65    -0.50
Ukpokiti        -1.60    -0.90    -0.70
Usan            -1.80    -2.00    +0.20
Yoho Light      +1.15    +1.65    -0.50


Equatorial Guinea
Zafiro          +0.30    +0.30     0.00
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To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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